Latest news with #EbbaBusch
Business Wire
4 days ago
- Business
- Business Wire
Lyten to Acquire All Remaining Northvolt Assets in Sweden and Germany
SAN JOSE, Calif. & STOCKHOLM & HEIDE, Germany--(BUSINESS WIRE)--Lyten, the global leader in lithium-sulfur batteries, announced today that it has entered into a binding agreement to acquire Northvolt's remaining assets in Sweden and Germany. The acquisition includes Northvolt Ett and Ett Expansion (Skellefteå, Sweden), Northvolt Labs (Västerås, Sweden), and Northvolt Drei (Heide, Germany). Additionally, Lyten is acquiring all remaining Northvolt intellectual property (IP), and multiple members of the current Northvolt executive team plan to join Lyten. The financial terms of the agreement were not disclosed by any parties. 'This is a defining moment for Lyten,' stated Dan Cook, Lyten CEO and Co-Founder. 'Lyten's mission is to be the leading supplier of clean, locally sourced and manufactured batteries and energy storage systems in both North America and Europe. The acquisition of Northvolt's assets brings the facilities and Swedish talent to accelerate this mission by years, just at the moment when demand for Lyten lithium-sulfur batteries is growing exponentially to meet energy independence, national security, and AI data center needs.' In total, Lyten's acquisition includes assets valued at approximately $5B, including 16 GWh of existing battery manufacturing capacity, more than 15 GWh of capacity under construction, the infrastructure and plans to scale to more than 100 GWh, and the largest and most advanced battery R&D center (Västerås) in Europe. Lyten plans to rehire a significant portion of the previously laid-off workforce at these facilities and will assess staffing needs site by site. Lyten sees substantial value in retaining local expertise and is committed to building long-term employment opportunities as we restart and scale operations. Ebba Busch, Deputy Prime Minister of Sweden, stated 'Lyten's acquisition of the Northvolt assets is a win for Sweden, for the former employees of Northvolt, and for positioning Sweden as key to Europe's energy independence. We have been working closely with the Trustee and Lyten to fully support this deal and we are excited to work with Lyten moving forward to make good on the immense potential of these assets.' This acquisition is being fully funded through equity investment into Lyten from private investors. The transactions are subject to appropriate Swedish and German governmental and European agency approvals. Lyten expects the acquisitions to close in the fourth quarter of this year. Lyten has previously announced the acquisition of three other Northvolt assets. In November 2024, Lyten acquired Northvolt's Cuberg battery manufacturing facility in California. In early July, Lyten announced the acquisition of Northvolt Dwa, Europe's largest Battery Energy Storage System (BESS) manufacturing facility, located in Gdansk, Poland. The acquisition is expected to close in August 2025. And in late July, Lyten acquired Northvolt's BESS product and IP portfolio. Lyten plans to immediately restart operations in Skellefteå (Ett) and Västerås (Labs) upon close of the transaction and collaboration with Northvolt's prior anchor customers is progressing constructively. Lyten plans to immediately restart Northvolt Dwa upon close of the transaction to support rapidly growing demand for Lyten BESS in more than 20 countries. At Northvolt Drei, Lyten is working with Northvolt and the German government to continue the program to establish a battery manufacturing facility near Heide in Schleswig-Holstein, with 15 GWh of initial capacity. Lyten is also committed to pursuing the acquisition of Northvolt Six in Quebec, Canada, which is constructing a 15 GWh Phase 1 battery manufacturing facility. Lyten is actively progressing discussions with Northvolt North America, the Government of Canada, the Government of Québec and other key local stakeholders. 'The demand for European and North American made batteries is only growing,' added Lars Herlitz, Lyten Chairman and Co-Founder. 'The combination of Northvolt's world-class manufacturing assets and low-cost clean energy, Lyten's world leading lithium-sulfur battery technology, and Lyten's U.S. battery materials supply chain creates the right formula to fulfill Europe and North America's battery manufacturing ambitions.' Lyten currently manufactures lithium-sulfur batteries in Silicon Valley and is selling commercially into the rapidly growing drone and defense markets. Lyten is also preparing to launch its lithium-sulfur batteries onto the International Space Station in the coming months and has a multi-billion-dollar pipeline for BESS powered by lithium-sulfur. 'Lyten is a leader in the energy storage industry. As energy becomes a national security priority, from data centers to micro-grids, I'm proud to help secure a sustainable transformation of Germany's infrastructure and data economy.' stated Sem M. Köksal, Lyten Advisor and CEO Gsl Holding GmbH. The Trustee, Lyten, and Northvolt will be hosting a press conference in Skellefteå at 10:30am CET on Friday, August 8 to share more information about the transaction. The press conference will be live streamed at About Lyten Lyten, founded in 2015, is a supermaterial applications company that has received more than $625 million in equity investment and secured LOIs for $650M in financing from the Export Import Bank of the US. Lyten has built a proprietary materials platform, called Lyten 3D Graphene, that it uses to build better performing, lower cost, and decarbonizing products, including its next generation lithium-sulfur battery. Lyten corporate headquarters is in San Jose, CA and European headquarters is in Luxembourg. The company lists more than 540 patents granted or pending and is currently manufacturing in San Jose, CA. In November 2024, Lyten announced the acquisition of Northvolt's battery manufacturing plant in San Leandro, California to scale production to meet the demand for American made batteries. In 2024, Lyten announced its integration into Chrysler's Halcyon Concept electric vehicle and the selection of Lyten Lithium-Sulfur for demonstration on-orbit aboard the International Space Station (ISS), scheduled for launch later in 2025. Lyten is selling lithium-sulfur commercially into the rapidly growing drone and defense market. Lyten was named Fast Company's #8 Most Innovative Energy Company and named one of America's Top Green Technology Companies by Time in 2024, 2025, and been named to Silicon Valley Defense Journal's Top 100 National Security Companies from 2023 – 2025.
The Guardian
6 days ago
- Business
- The Guardian
Norway, Sweden and Denmark to finance €430m military package for Ukraine
Update: Date: 2025-08-05T12:13:07.000Z Title: Norway Content: Package will include support for Ukraine's 'air defence, ammunition and other essential equipment', says Norwegian government Jakub Krupa Tue 5 Aug 2025 13.10 BST First published on Tue 5 Aug 2025 08.33 BST From 12.57pm BST 12:57 , Sweden and Denmark have just announced plans to jointly finance a support package for Ukraine under the new US-Nato mechanism, Prioritised Ukraine Requirement List, agreed with US president Donald Trump last month. The package, estimated to be worth some €430m in total, will include support for 'Ukraine's air defence, ammunition and other essential equipment,' Norwegian government's press release said. The details of the package will not be made public for security reasons. Sweden will make the largest contribution of over €230m, with to follow at around €120m and Denmark at around €80m, according to indicated totals. Norwegian defence minister Tore O. Sandvik said the new package was meant to ensure that Ukraine 'quickly receives the equipment it needs' to defend itself from Russia. Simultaneously, Swedish ministers presented the outline of the deal at a press conference in Stockholm. In her opening statement, deputy prime minister and energy, industry minister Ebba Busch insisted 'Ukraine's cause is our cause,' as she stressed the need to continue supporting Ukraine amid sustained Russian attacks. Defence minister Pål Jonson added that the continued strikes showed there was little appetite from Russia to end the conflict. This is a second package of this kind after the Netherlands announced its plans to spend around €500m on US weapons for Ukraine under the new scheme (10:15). Updated at 1.04pm BST 1.10pm BST 13:10 Nato secretary general Mark Rutte has just responded to the Nordic package of help for Ukraine, saying: 'Grateful to Denmark, & Sweden for fast action to fund a package of US military support for Ukraine. This will deliver life-saving equipment & critical supplies to the front-line, strengthening Ukraine's hand & helping them deter aggression as they pursue lasting peace.' He also earlier thanked the Netherlands for its contribution, saying: 'Great to see the Netherlands taking the lead and funding the first package of US military equipment for Ukraine under NATO's Prioritised Ukraine Requirements List initiative. I thank Allies for getting Ukraine the equipment it urgently needs to defend against Russian aggression. I expect further significant announcements from other Allies soon.' 12.57pm BST 12:57 , Sweden and Denmark have just announced plans to jointly finance a support package for Ukraine under the new US-Nato mechanism, Prioritised Ukraine Requirement List, agreed with US president Donald Trump last month. The package, estimated to be worth some €430m in total, will include support for 'Ukraine's air defence, ammunition and other essential equipment,' Norwegian government's press release said. The details of the package will not be made public for security reasons. Sweden will make the largest contribution of over €230m, with to follow at around €120m and Denmark at around €80m, according to indicated totals. Norwegian defence minister Tore O. Sandvik said the new package was meant to ensure that Ukraine 'quickly receives the equipment it needs' to defend itself from Russia. Simultaneously, Swedish ministers presented the outline of the deal at a press conference in Stockholm. In her opening statement, deputy prime minister and energy, industry minister Ebba Busch insisted 'Ukraine's cause is our cause,' as she stressed the need to continue supporting Ukraine amid sustained Russian attacks. Defence minister Pål Jonson added that the continued strikes showed there was little appetite from Russia to end the conflict. This is a second package of this kind after the Netherlands announced its plans to spend around €500m on US weapons for Ukraine under the new scheme (10:15). Updated at 1.04pm BST 12.13pm BST 12:13 Meanwhile, India has responded to criticism from the US and the EU, saying it is being unfairly singled out by them over its Russian oil purchases when they both trade extensively with Moscow despite the war in Ukraine, Reuters reported. In a rare show of unity, prime minister Narendra Modi's Bharatiya Janata Party (BJP) and the main opposition Congress condemned Trump's repeated criticism of New Delhi. India's foreign ministry said in a statement issued late on Monday that 'it is revealing that the very nations criticising India are themselves indulging in trade with Russia'. 'It is unjustified to single out India,' the ministry said. It said the EU conducted €67.5bn euros ($78.02bn) in trade with Russia in 2024, including record imports of liquefied natural gas (LNG) reaching 16.5 million metric tons. The United States, the statement said, continues to import Russian uranium hexafluoride for use in its nuclear power industry, palladium, fertilisers and chemicals. It did not give a source for the export information. Updated at 12.32pm BST 11.46am BST 11:46 Oh-oh. The EU has just publicly clashed with Germany over finance minister Lars Klingbeil's comments on EU-US trade in Washington last night. Klingbeil said the EU was 'too weak' in negotiations, and argued that 'we can't be satisfied with the result that was achieved,' suggesting he would push for limited exemptions for Germany's steel sector, as reported by Deutsche Welle. But EU trade spokesperson, Olof Gill, pointedly said the bloc was 'quite surprised' to hear his comments. He said: 'I would remind you that EU, member states and business stakeholders have consistently underscored that a trade conflict with the US was not a desirable course of action. They have insisted to us that only a negotiated solution could ensure stability and protect our shared interests. This was the view of an overwhelming majority of EU member states, including the one from which the minister you mentioned hails.' Gill said the EU 'reached a negotiated solution to avoid a lose-lose tariff escalation, that's what our member states asked for, … that's what we have delivered.' 'So … it is most surprising to us to hear that a minister from the member state in question has expressed that view, given that nothing has happened here in terms of the Commission's approach, negotiation or outcome achieved without the clear signal received from our member states.' He also said that more work on steel is being done at the EU level. Deputy chief spokesperson Arianna Podestà went further saying that Klingbeil's comments 'do not correspond to the conversations we have had with the same member state over the past weeks and months.' 11.31am BST 11:31 On Ukraine, the EU spokespeople were asked about the bloc's expectations as to Donald Trump's deadline for Russia to end its invasion on Ukraine by Friday. The commission's foreign policy spokesperson, Anitta Hipper, said: 'Russia is not interested in peace. Ukraine is, the EU is. Nobody wants peace more than Ukraine and the EU. … We welcome any pressure, and in particular US pressure on Russia to accept a ceasefire through any means necessary.' Deputy chief spokesperson Arianna Podestà also confirmed the EU remained 'in contact with our international partners,' including the US, but declined to speculate on 'future possible actions.' 11.23am BST 11:23 Separately, a European Commission spokesperson just said the situation in Gaza 'remains unbearable,' with the EU still pushing to open access for the humanitarian aid flowing into the territory. She said the EU's recent deal with Israel on improving the situation was 'very positive,' but 'very clearly there is still a lot to be done.' They later rejected a suggestion that the EU's involvement in resolving the crisis was a 'failure,' saying: 'I believe that for what we have been able to verify … there has been some improvement compared to the situation before this agreement was reached. Is this sufficient? Absolutely not. This is why we continue to monitor to be in dialogue, and we continue to call on the delivery of further aid to the civilian population in Palestine.' Updated at 11.26am BST 11.02am BST 11:02 And in the last few minutes, Andriy Yermak, senior aide to Ukrainian president Volodymyr Zelenskyy, sought to ramp up the pressure on India as he revealed that Ukrainian armed forces have seen Indian components being used in Russian drones involved in strikes against civilian population across Ukraine. 'It is necessary to deprive the Russians of the opportunity to receive components from other countries and stop the killing of Ukrainians. Also, buying Russian energy resources is financing war, which does not contribute to peace,' he added. 10.58am BST 10:58 Back to Ukraine and Russia, the Kremlin has criticised US president Donald Trump's threat to raise tariffs on India for its purchases of Russian oil this morning, decrying the move as 'illegal' and saying it was unacceptable to force countries to stop trading with Moscow, Reuters and AFP reported. 'Sovereign countries have the right to choose their own trading partners,' spokesperson Dmitry Peskov told reporters. 'They don't care how many people in Ukraine are being killed by the Russian War Machine,' Trump said in a post to his Truth Social network, also accusing India of selling Russian oil 'on the Open Market for big profits'. In a previous social media tirade last week, he said of Russia and India: 'They can take their dead economies down together.' Separately, Russia also said it no longer had any restrictions on where it places its intermediate-range missiles after Trump's suggestion the US would move its nuclear submarines in response to former Russian president Dmitry Medvedev's confrontational rhethoric towards the US. Updated at 10.58am BST 10.57am BST 10:57 Lisa O'Carroll Wine made in the EU is unlikely to be duty free in the US at the end of current negotiations between Brussels and Washington, it has emerged. The EU is confident it can slash the new 15% import duty imposed on exports from the EU for wine and spirits but said the 'relative low' most favoured nation tariff rate that already applies to wine is likely to stay. Donald Trump alone cannot offer a zero for zero deal on wine because it would require congressional approval, something that is not being sought as part of this negotiation, senior EU officials have revealed. Therefore wine was not likely to be in the category of goods that will be rated zero on both sides for imports and exports. US tariffs on wine range from 0.6% on some sparkling wines to 1.5% on a bottle of red or white wine below 14% alcohol content and 0.5% on a bottle of fortified wine, port of sherry. Spirits are already sold into the US on zero tariffs so there is scope for the 15% tariff rate that applies after the EU-US deal was struck can be eliminated altogether. The EU said it was not celebrating the new tariff regime which has been criticised by politicians in France. 'We're very clearly operating in a second best world,' said one senior official adding the choice the EU had was not 'between a good and a great outcome' but a 'bad a less bad outcome'. The deal struck between the EU and the US at Trump's Scottish golf course on 27 July imposes 15% tariffs on most exports to the US but some sectoral tariffs and a so called list of 'zero for zero' products that would not be taxed in either direction has yet to be finalised. The EU and US are currently in advanced talks on a joint statement which will set out more clearly the areas they hope to negotiate including potential quotas for steel exports. A senior official said the statement is '90% to 95% there' and should be published soon with negotiations ongoing with commerce secretary Howard Lutnick and trade representative Jamieson Greer. EU trade commissioner Maroš Šefčovič said: 'I am in contact with Secretary Lutnick and Ambassador Greer as we work to turn July's EU-US agreement – in all its elements – into practice. The work continues in a constructive spirit.' The joint statement will not be legally binding but has been likened to a 'road map' for future negotiations by EU officials. Ahead of the publication EU officials have clarified a number of issues in relation to sectoral tariffs including cars and pharmaceuticals. Unlike the UK,they are not expecting a quota limiting the number of cars exported to the US under a 15% tariff rate. And while the US has decided to scrap the zero tariff rate on pharmaceuticals and apply a 15% import duty, this will not apply until the US has concluded its section 232 investigation. When it does apply, it will not include medical devices. Updated at 11.31am BST 9.54am BST 09:54 EU trade commissioner Maroš Šefčovič told journalists that he remained in contact with his US counterparts, commerce secretary Howard Lutnick and trade representatives Jamieson Greer, as their talks on the implementation of the EU-US deal 'continue in a constructive spirit.' More to come on this. Updated at 10.12am BST 9.26am BST 09:26 Back to the EU-US trade talks for a moment: The EU is briefing reporters on the latest progress this morning, stressing the 15% tariff that European Union goods face when entering the United States is all-inclusive, incorporating the Most Favoured Nation Rate, unlike some other countries with deals with the US, Reuters reported. The two sides were still working on a joint statement covering some of the details of the deal and how it is to be implemented, officials said, adding that despite 'pretty advanced' talks, they couldn't advise as to when it will be signed off by both sides. The officials added that it would take some time 'before we fully nail down the list of essential products' that are exempt from US tariffs. The EU also repeated its previous narrative that a deal is better than no deal, warning that a failure to find an agreement could lead to divisions wthin the bloc and high tariffs on both sides, hitting businesses even more. We will bring you more on this shortly. 9.15am BST 09:15 Meanwhile, the Netherlands is the first country to commit €500m to spend on US weapons for Ukraine under a new framework deal agreed by US president Donald Trump and Nato secretary general Mark Rutte last month. On Monday night, Dutch prime minister Dick Schoof said the new weapons for Ukraine were 'badly needed' as 'Ukraine is still fighting every day to defend itself against Russian aggression, such as large-scale drone attacks.' In doing so, Ukraine is also fighting for freedom and security in Europe. Posting a clip of his interview for Dutch TV NPO2, the country's defence minister Ruben Brekelmans said the Netherlands was 'taking the lead in supplying military equipment from American stockpiles,' arguing that 'by steadfastly supporting Ukraine, we increase the pressure on Russia to negotiate.' On Monday night, Ukrainian president Volodymyr Zelenskyy confirmed he spoke with Schoof on the phone, and welcomed the contribution by saying 'this will definitely help protect the lives of our people.' 8.39am BST 08:39 Lisa O'Carroll Diageo, maker of Guinness, Smirnoff vodka and Johnnie Walker whiskey, has said Donald Trump's tariffs on wine and spirits will reduce its profits by €173m (£150m). The world's biggest spirits maker is the latest company in the EU to reveal the high cost of the US president's new tariff trade wars. On Tuesday it forecast flat 2026 sales, raised its estimate of the impact from tariffs, and hiked its cost-savings target by about €108m. The EU had hoped wines and spirits would remain duty free after Trump and European Commission president sealed the tariff deal at Trump's Scottish golf course eight days ago but negotiations are ongoing. Sources say talks on spirits are more advanced than for wine. Updated at 8.39am BST 8.33am BST 08:33 Jakub Krupa At least one person died, and 12 were injured after another round of Russian attacks on Ukraine overnight, with Ukrainian president Volodymyr Zelenskyy accusing Russia of trying to 'intimidate frontline cities and communities' by attacking civilian targets. Zelenskyy's most senior aide, Andriy Yermak, was more blunt: 'Their war is with the civilian railway, trains, residential buildings. Ukraine strikes at military targets, Russia – whatever it can reach.' But responding to the attacks, Zelenskyy once again called on the US and the EU to turn up the pressure on Russia by fast-tracking much-promised sanctions and secondary sanctions on countries supporting its war. 'The world is now seeing that sanctions against Russia and secondary sanctions against all those who help it profit from oil can work if they are strong enough. So the pressure must be increased, and it will certainly work for peace,' he said. His comments come a day before US special envoy Steve Witkoff is expected in Moscow for another round of high-level talks with Russia, possibly with President Vladimir Putin. Elsewhere, I will be looking at the latest from the European Commission on the EU-US tariff deal, and will bring you all other key updates from across Europe here. It's Tuesday, 5 August 2025, it's Jakub Krupa here, and this is Europe Live. Good morning.
Reuters
17-07-2025
- Business
- Reuters
EU opens door to funding nuclear energy in next budget
BRUSSELS, July 17 (Reuters) - The European Commission wants to open up part of its proposed 2 trillion euro EU budget for 2028-2034 to nuclear energy, a move likely to divide the bloc's member states, which Germany immediately rejected. In an annex to its mammoth budget proposal published on Wednesday, the Commission listed nuclear power as an activity countries can fund through their national share of the budget - specifically, "new or additional fission energy capacity installed in GW". Around 865 billion euros of EU funding will be available under these national spending plans. The move would be a sea change for the EU, whose current budget does not fund conventional nuclear power plants - reflecting a long-running conflict between pro-nuclear EU members like France and Sweden and traditionally anti-nuclear countries like Germany and Austria. "Germany rejects any subsidization of nuclear power from the EU budget," its environment minister Carsten Schneider said on Thursday, adding that Berlin respected the choice of other countries to build reactors. "However, respect for national sovereignty in energy matters also means not claiming EU funds for this expensive path, a quarter of which comes from German taxpayers' money," Schneider said. France's energy ministry did not immediately respond to a request for comment. Swedish energy minister Ebba Busch declined to comment. The Commission's budget proposal marks the start of years of intense negotiations among EU nations, which must all approve the final budget. EU countries have long been at loggerheads over whether to promote atomic power to reduce CO2 emissions, a dispute which has delayed policymaking on climate change and energy in the bloc. That dynamic had appeared on the cusp of a shift earlier this year, when German Chancellor Friedrich Merz signalled Berlin would no longer object to treating nuclear power on a par with renewable energy in EU policies. Countries including Denmark and Italy had also signalled a shift in their past opposition to nuclear power. However, some EU diplomats said that this softening of positions had not extended into support for EU funding. "There is no chance EU money goes to new nuclear," one EU country diplomat said. The EU's current budget explicitly bans member states from building nuclear power plants using their share of hundreds of billions of euros in regional development funds - although the budget offers some limited funds for nuclear research and decommissioning of old reactors.
E&E News
09-05-2025
- Politics
- E&E News
Atomic lobby seizes on Spanish blackout
BRUSSELS — Europe's nuclear advocates are pushing their favorite energy source as a deterrent against the type of blackout that seized Spain and Portugal last week — even if the facts paint a muddied picture. The EU's atomic allies are claiming that having more nuclear energy coursing through the grid can help ensure a stable power supply to back up renewable sources like wind and solar. 'If you want a lot of power and you want it to be fossil-free, then nuclear is your pick,' Swedish Industry and Energy Minister Ebba Busch said in an interview. Advertisement Specialists and other officials, including those in Spain, aren't convinced. While they concede that having more overall power can aid in certain circumstances, they aren't convinced nuclear energy would have prevented Monday's outage, which was caused by a sudden loss of power in the Iberian grid. Europe's grids, like those in Spain, need upgrades, better linkages and more storage tech like batteries to keep power stable, they stress.
Reuters
17-03-2025
- Business
- Reuters
EU support could help Northvolt attract new owner, Sweden says
BRUSSELS, March 17 (Reuters) - The European Union should amend its clean-tech funding rules to allow bankrupt Swedish battery cell maker Northvolt to access support that could help it attract a potential new owner, Sweden's deputy prime minister told Reuters on Monday. Electric vehicle battery maker Northvolt said last week it had filed for bankruptcy, opens new tab in Sweden, marking one of the country's largest corporate failures and upending Europe's best hope of developing a rival to challenge China. Ebba Busch said she had urged Brussels to expand the recipients able to receive EU funding for clean tech projects, so that existing battery makers, such as Northvolt, would be eligible. Busch was speaking after a meeting with European Commission industry chief Stephane Sejourne in Brussels, where they discussed the matter. "It's time to go from words to action and actually decide on that money during this spring," Busch said in an interview. Busch said such support could be "crucial" in helping to ensure Northvolt "could be a company that survives this tough insolvency period with a new incoming owner". "A new incoming owner is also looking to see what will the terms and the possibilities of a viable competitive situation be for Northvolt in the European market." The European Commission did not immediately respond to a request for comment. The Commission last month said it would commit 6 billion euros ($6.55 billion) for clean industries, including battery manufacturing, from the EU Innovation Fund - a pot of money currently earmarked for highly innovative projects, rather than existing technologies. "If the EU Commission keeps on only supporting newcomers within the battery sector, then the 'clean industrial deal' on European soil will be in the hands of China," Busch said, referring to Europe's heavy reliance on imports of key green technologies from China. ($1 = 0.9158 euros)
